TAMPA, Fla., June 3 /PRNewswire/ -- Julie Pendleton, Manager at Ryan, the leading tax services firm in North America, recommends weighing the advantages and disadvantages of the Amnesty Program ("Program") offered by the State of Florida. The Program, signed by the Governor on May 28, 2010, will be in effect for a three-month period from July 1 through September 30, 2010. The amnesty is applicable to tax liabilities due prior to July 1, 2010.
"The Program offers participants a chance to pay their delinquent taxes without penalties and full interest," said Julie Pendleton, Manager at Ryan. "However, the Program is complex, and companies should obtain advice from state tax experts before making a decision concerning this issue."
"For example, participating taxpayers should note they are required to waive any right to claim a refund, protest, or initiate any administrative proceeding that challenges any assessment administered under the Program. You should be sure participating in the Program is more beneficial than protesting the audit," said Ms. Pendleton. "The bill permits the Florida Department of Revenue to rescind a grant of amnesty in the event of fraud, misrepresentation, or mutual mistake of fact."
All taxpayers are eligible to participate in the Program, except those currently under criminal investigation, indictment, information, or prosecution regarding a Florida revenue law. Taxpayers who have entered into settlements of liability for state or local option taxes before July 1, 2010 are also ineligible to participate.
With state taxes becoming more complex, and collection efforts becoming more aggressive as states struggle with declining tax revenues, it's important for companies to avoid both interest and penalties by ensuring they are compliant with the myriad of state tax laws.
Ryan is the leading tax services firm in North America, with the largest transaction tax practice in the United States and Canada. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, and strategic planning. With a multi-disciplinary team of more than 800 professionals and associates, Ryan serves many of the world's most prominent Fortune 1000 companies.